股权结构、盈余管理与股价同步性的相关性研究

发布时间：2018-04-22 16:41

本文选题：股权结构 + 盈余管理　；参考：《首都经济贸易大学》2016年硕士论文

【摘要】：股价同步性指的是证券市场上的个股走势呈现出与市场整体走势相一致的现象,或者市场上大多数的股票一起涨跌的现象。中国的证券市场在过去的二十多年时间里,就高度表现了这一趋势,同一市场、同一行业、同一板块的股票走势相同,有一个或者多个龙头股带领其他股票一起拉升,只要是被投资者赋予了一个相同的“概念”,则不管公司的基本面信息有多糟糕,都可以跟着同一“概念”的股票一起分一杯羹。这样的市场无疑将股票价格的信号传递作用降到了较低的程度,股价本应该反映的是该上市公司的所有信息的集合体,然而这种现象阻碍了其他信息被纳入到股价当中,只允许了一小部分信息的传递。股价同步性这个概念可以很好的衡量出同涨同跌程度,帮助相关学者研究出解决这个问题的方式方法和相应的对策。本文充分考虑了中国证券市场的一些独有特性,如上市公司的国企背景,一股独大现象明显等,结合国内外的已有文献,探究了上市公司股权集中度、股权制衡度和股东性质与其盈余管理程度的相关关系,进而研究对股价同步性的影响。在理论方面充实了目前国内研究相对较少的股价同步性课题,在实际方面对中国证券市场的法律法规建设和资本配置效率优化等方面做出了一些贡献。本文使用了2005-2014年中国沪深两市A股上市公司的财务数据,研究了上市公司股权结构和盈余管理程度对股价同步性的影响,并得出了以下结论。第一,上市公司的股权集中度与盈余管理程度呈显著正相关关系,股权制衡度与盈余管理程度呈显著负相关关系,第一大股东为国有控股背景的上市公司相比非国有控股的上市公司盈余管理程度更高。第二,通过对上市公司盈余管理程度和股价同步性的研究,发现二者具有显著正相关关系。第三,结合前两个研究结论,本文得出股权集中度和国有控股背景这两个变量对股价同步性有显著地正向影响,而股权制衡度对股价同步性有显著的负向影响。
[Abstract]:Stock price synchronism refers to the phenomenon that the individual stock trend in the stock market is consistent with the overall trend of the market, or that most stocks in the market rise and fall together. Over the past 20 years or so, China's securities market has shown a high degree of this trend. In the same market, in the same industry, in the same sector, the stock market has the same trend. One or more leading stocks have led other stocks to rise together. As long as investors give the same "concept", no matter how bad the company's fundamental information, you can follow the same "concept" of the stock. Such a market no doubt reduces the signalling role of stock prices to a lower level. The stock price should have reflected the aggregation of all the information of the listed company, but this phenomenon has prevented other information from being included in the stock price. Only a small portion of the information is allowed. The concept of synchronism of stock price can well measure the degree of the same rise and fall, and help the relevant scholars to study the ways and means to solve this problem and the corresponding countermeasures. This paper fully considers some unique characteristics of China's securities market, such as the background of state-owned enterprises of listed companies, an obvious phenomenon of dominance, and explores the degree of stock ownership concentration of listed companies in combination with the existing literature at home and abroad. The relationship between equity balance degree and shareholder nature and earnings management degree, and the influence on stock price synchronism. In theory, it enriches the relatively few domestic research on the synchronization of stock prices, and makes some contributions to the construction of laws and regulations and the optimization of capital allocation efficiency in China's securities market. Using the financial data of A-share listed companies in China's Shanghai and Shenzhen stock markets from 2005 to 2014, this paper studies the effects of equity structure and earnings management degree on the synchronization of stock prices of listed companies, and draws the following conclusions. First, there is a significant positive correlation between the degree of equity concentration and earnings management, and a significant negative correlation between the degree of equity balance and the degree of earnings management. The earnings management degree of the listed companies with the largest shareholder background is higher than that of the non-state-holding listed companies. Secondly, through the study of earnings management degree and stock price synchronism of listed companies, it is found that there is a significant positive correlation between them. Thirdly, combined with the first two conclusions, this paper concludes that the two variables of ownership concentration and state-owned holding background have a significant positive impact on stock price synchronism, while equity checks and balances have a significant negative impact on stock price synchronism.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F275;F832.51

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